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PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
PPT Softkill English
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PPT Softkill English

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  • 1. RIZKY NOVIARDHA 29210911 4EB15
  • 2. SECTION 290 INDEPENDENCE―AUDIT AND REVIEW ENGAGEMENTS CONTENTS
  • 3.                  Paragraph Structure of Section ...................................................................................... 290.1 A Conceptual Framework Approach to Independence .......................... 290.4 Networks and Network Firms ................................................................... 290.13 Public Interest Entities ................................................................................. 290.25 Related Entities ............................................................................................ 290.27 Those Charged with Governance ............................................................... 290.28 Documentation ............................................................................................. 290.29 Engagement Period ...................................................................................... 290.30 Mergers and Acquisitions ............................................................................ 290.33 Other Considerations ................................................................................... 290.39 Application of the Conceptual Framework Approach to Independence ................................................................................................ 290.100 Financial Interests ......................................................................................... 290.102 Loans and Guarantees .................................................................................. 290.118 Business Relationships .................................................................................. 290.124 Family and Personal Relationships ............................................................. 290.127
  • 4.                   Employment with an Audit Client .............................................................. 290.134 Temporary Staff Assignments ..................................................................... 290.142 Recent Service with an Audit Client .......................................................... 290.143 Serving as a Director or Officer of an Audit Client .................................. 290.146 Long Association of Senior Personnel (Including Partner Rotation) with an Audit Client .................................................................................... 290.150 Provision of Non-assurance Services to an Audit Client ....................... 290.156 Management Responsibilities ..................................................................... 290.162 Preparing Accounting Records and Financial Statements ..................... 290.167 Valuation Services .........................................................................................290.175 Taxation Services .......................................................................................... 290.181 Internal Audit Services ................................................................................ 290.195 IT Systems Services ...................................................................................... 290.201 Litigation Support Services ......................................................................... 290.207 Legal Services ................................................................................................ 290.209 Recruiting Services ....................................................................................... 290.214 Corporate Finance Services ......................................................................... 290.216 Fees .................................................................................................................. 290.220
  • 5.        Fees—Relative Size ............................................................................... 290.220 Fees—Overdue ...................................................................................... 290.223 Contingent Fees ..................................................................................... 290.224 Compensation and Evaluation Policies .............................................. 290.228 Gifts and Hospitality ............................................................................. 290.230 Actual or Threatened Litigation .......................................................... 290.231 Reports that Include a Restriction on Use and Distribution ........... 290.500
  • 6. STRUCTURE OF SECTION
  • 7. 290.1  290.1 This section addresses the independence requirements for audit engagements and review engagements, which are assurance engagements in which a professional accountant in public practice expresses a conclusion on financial statements. Such engagements comprise audit and review engagements to report on a complete set of financial statements and a single financial statement. Independence requirements for assurance engagements that are not audit or review engagements are addressed in Section 291.
  • 8. 290.2  290.2 In certain circumstances involving audit engagements where the audit report includes a restriction on use and distribution and provided certain conditions are met, the independence requirements in this section may be modified as provided in paragraphs 290.500 to 290.514. The modifications are not permitted in the case of an audit of financial statements required by law or regulation.
  • 9. 290.3 290.3 In this section, the term(s): (a) “Audit,” “audit team,” “audit engagement,” “audit client” and “audit report” includes review, review team, review engagement, review client and review report; and (b) “Firm” includes network firm, except where otherwise stated. 
  • 10. 290.4 AND 290.5 290.4 In the case of audit engagements, it is in the public interest and, therefore, required by this Code, that members of audit teams, firms and network firms shall be independent of audit clients.  290.5 The objective of this section is to assist firms and members of audit teams in applying the conceptual framework approach described below to achieving and maintaining independence. 
  • 11. 290.6 Independence comprises:  (a) Independence of Mind The state of mind that permits the expression of a conclusion without being affected by influences that compromise professional judgment, thereby allowing an individual to act with integrity and exercise objectivity and professional skepticism.  (b) Independence in Appearance The avoidance of facts and circumstances that are so significant that a reasonable and informed third party would be likely to conclude, weighing all the specific facts and circumstances, that a firm’s, or a member of the audit team’s, integrity, objectivity or professional skepticism has been compromised. 

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